If you have a PerkStreet checking account, you’re in for a rude surprise.
It’s shutting down by Sept. 26 and taking any cash-back rewards you earned with it.
Dan O’Malley, PerkStreet Financial’s chief executive, says the website has simply run out of money for operations — and the rebates it promised customers.
Over the past several years, PerkStreet tried to build a customer base by offering up to a 2% cash rebate on signature-based debit card transactions or when account holders paid their bills with their debit card.
But if you didn’t request your rewards by Monday, Aug. 12, you won’t get anything.
Deposits held at PerkStreet’s partner banks are secure, although what happens next depends on where your money is stashed.
Accounts held by The Bancorp Bank — debit cards that start with 5519 or account numbers beginning 123 — can remain open and continue to be used. You just won’t receive any of the PerkStreet perks.
Accounts held by Provident Bank — debit cards that start with 5507 or account numbers beginning 234 — must be closed. Those customers will receive notices alerting them how to transfer their funds to other banks.
PerkStreet seemed like an intriguing alternative when many banks are doing away with free checking accounts and offering such a pitiful return on their deposits.
But I’m sure all of those customers being stiffed out of their rewards will remember PerkStreet as a failed experiment.